MEETING OF CREDITORS.

Press, Volume LI, Issue 8827, 23 June 1894, Page 5

MEETING OF CREDITORS.

RE a H. WILLIS.

The first meeting of creditors in the estate of Chas. Hugh Willis, auctioneer, of Southbridge, was held yesterday at the office of the Official Assignee. Mr T. O. Russell appeared for the bankrupt, and Mr Joynt watched the proceeding* on behaif of the Official Assignee. There was a good attendance of creditors. The debtor's statement showed as under : Lii-biliti.s—Unsecured creditors £2176, secured £55. value of securities £100, surplus £45. Assets—Stock in trade £146 ls, estimated at £146 ; book debts £636, estimated at £550 ; property £144, surplus £45 ; . total, £885 ; deficiency, £1291. The secured creditor was T. G. Russell, Christchurch, solicitor, amount of debt £55, secured for £100 on sundry book debts. The debtor's property consisted of 1 tare machine, 1 grinding, mill, 5 horses, 1 trap and harness, spring cart and harness, 25 shares Zealandia Silver Mining Company, value nil; 1 share Dunsandel Soleyards, aim 2 shares New Zealand Fanners' Cooperative Association, total value of property £144. Unsecured creditors of £20 and over were :—Walter A. Wood and 00. (guaranteed by Mr Gabbie) £850, Union Bank of Australia (secured by guarantors) £600, F. H. Brittan £100, New Zealand Land Association £157 ss, Canterbury Seed Company £100, Miles and Co. £44 9s, New Zealand Insurance Company £.28, J. Wyokliffe £31 3s Bd, W. J. Hill £20 18s 9d, W. Scott £22 15s, New Zealand Loan and Mercantile Agency Company £25, A. R. Inwood £22 10s. There were twenty-eight other creditors. The bankrupt, in his statement on oath, said that he was on auctioneer and commission agent at Southbridge, acd was compelled to file owing to a writ from the Walter A. Wood Company and the Union Bank of Australia calling up its overdraft. Three months ago he understood from his bookkeeper that he was to the good, but subsequent investigation convinced him that he was insolvent, and on the advice of Mr Russell he placed himself in the hands of his creditors. The .furniture, &.., at his private house was settled ou his wife. In answer to questions, the debtor said that the furniture in the house was so far as he knew the same as that when the settlement was made five years ago. The settlement had been iv the hands of Messrs Izard and Loughnan. Before his marriage no arrangement had been made as to the settlement of the furniture. It was not a marriage settlement. The settlement was made by his own voluntary act. He could not Bay why his brother's trustee did not sign the settlement about which he told him before it was made. His wife knew of tbe settlement while the matter was in progress. He was before his marriage in business on a small scale only, and about two years ago he took out the auctioneer's license. His overdraft was guaranteed at the Bank something less than two years ago. He could not say they were made aware of the settlement. Mr Gabbie, for the Walter A. Wood Company, entered into a guarantee for him in April last year. Mr C. McGuinnoss left his employ about three months ago, and witness did not know where he had gone. Mr McGuinness had been with him some two years as bookkeeper and general clerk. It was decided that any lengthened examination of the debtor might be taken at-a subsequent period. Mr Harley asked how it came about that) the settlement was not registered. Mr Russell explained that he was informed that Messrs Izard and Loughnaa, who had prepared the settlement, had been paid for registration, and also that they had been requested nob, to register it, whioh the debtor denied. He (Mr Russell) had seen the entry of instruction about tbe date in question, under which tbe solicitors acted and did not register. Mr Harley said it then appeared to be tht debtor's fault. Mr Joynt was rather of opinion that it was a rather meritorious act towards his friends. Mr Gabbie moved that Mr Willis be allowed to retain the furniture, to be scoured to Mrs Willis. Mr Harley seconded the motion, which was carried unanimously, and it was decided to hold a special meeting on Monday, July 9tb, to cbnfirm it.. MrLVA. Lees was appoihted .tipervisor, at the maximum remuneration allowed by the Act, after which the meeting adjourned.